CMC Covers Wetjen’s Confirmation Hearing

In a carefully orchestrated hearing this morning, the Senate Ag Committee took up the confirmation of Mark Wetjen to the Commodity Futures Trading Commission. Slated to replace out-going Commissioner Mike Dunn, Wetjen played up his ag background with nostalgic references to his time listening to market reports on his family farm in Iowa.

More on substance, he expressed his belief that at this “critical” time the Commission must “hew closely” to the statutory directives in the Dodd-Frank Act. He also hinted that balancing the pressures to get rulemaking done quickly but correctly will be difficult. “I think the more quickly the Commission can act the better because it is going to provide some certainty to market participants and I know the market prefers that,” Wetjen told lawmakers. “But I think more important to them is making sure the rules are right.”